Chinese TSMC competitor HSMC shut, ex-CEO says it ran out of money

Wuhan Hongxin Semiconductor Manufacturing Company (HSMC) falls, as investors run out of cash -- HSMC now under government control.

Gaming Editor

Published Nov 25, 2020 1:31 AM CST
Updated Dec 27, 2020 5:33 PM CST

1-minute read time

Aaaaand Wuhan Hongxin Semiconductor Manufacturing Company (HSMC) is done -- they've folded under strain, with the company now insolvent.

Ex-CEO and head of R&D of HSMC, Chiang Shang-yi, told EE Times over a LinkedIn message: "Investors ran short of cash. I got caught by surprise. It's over now, and I'm back home in California". Back in August 2020 you could see the wheels buckling under considerable pressure, where I explained that HSMC was a mess.

But the $20 billion plant just couldn't muster the ability to fire up and begin to take a whimper of a swing at TSMC, with HSMC now under the control of the state assets supervision and administration commission for the Dongxihu district government in Wuhan.

Read more: Chinese equivalent of TSMC in Wuhan, HSMC, is a mess and here's why

Chinese TSMC competitor HSMC shut, ex-CEO says it ran out of money 03

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News Sources:eetimes.com, scmp.com, and wccftech.com

Anthony Garreffa

Gaming Editor

Anthony joined TweakTown in 2010 and has since reviewed 100s of tech products. Anthony is a long time PC enthusiast with a passion of hate for games built around consoles. FPS gaming since the pre-Quake days, where you were insulted if you used a mouse to aim, he has been addicted to gaming and hardware ever since. Working in IT retail for 10 years gave him great experience with custom-built PCs. His addiction to GPU tech is unwavering and has recently taken a keen interest in artificial intelligence (AI) hardware.